Pharmaceutical acquisition brings several families of pre-clinical antioxidant drugs to their new parent, plus staff with drug development experience
Proteome Systems announced the signing of an agreement to acquire the US-based pharmaceutical company Eukarion.
The acquisition will bring to Proteome Systems several families of pre-clinical antioxidant drugs, and staff with deep experience in the development of pharmaceuticals who will join its Boston facility. The drugs are protected through a substantial body of patents, and are said to have potential as therapeutics for neurodegenerative and other diseases.
The antioxidant drug compounds have been studied extensively by key academic groups in the United States and Europe.
The portfolio of drugs covers topical, injectable and potentially oral forms.
One of the drug compounds is already sold in premium anti-ageing cosmetic products.
The acquisition involves a 'modest' cash payment and an initial equity issue of approximately 1.7 million shares.
The majority of the purchase price is payable in Proteome Systems's shares on meeting milestones in clinical development, licensing revenues and drug product sales.
Jenny Harry, head of discovery and diagnostics, says: "The acquisition of Eukarion consolidates our discovery programme in neurodegenerative disease.
"Our capacity to understand complex diseases with proteomics, along with the portfolio of drugs that Eukarion brings, will fast track our entry into the pharmaceutical industry.
"We will pursue the commercialisation of these drug compounds through a combination of licensing, partnering and in-house development".
Bernard Malfroy, founder and CEO of Eukarion, will join Proteome Systems as head of scientific affairs.
He commented: "Eukarion and Proteome Systems share the vision of an integrated drug discovery business.
"Our extensive experience in drug discovery and development is complementary to Proteome Systems's expertise in proteomics.
"Our drug compounds show great promise for neurodegenerative diseases in particular".
The acquisition is scheduled to complete in February 2005.
